Originally Posted by
Carl Spackler
OK, whether it's 2014 or 2015 the fact is that I don't get it now and haven't for a number of years. I wouldn't have even brought it up had you not referenced me personally as geting XX in pay and 40,000 a year in dc payments. You used that premise to then ask me a question. I felt it only proper to remind you that your premise was wrong. There are many junior folks that I fly with who are thankful we on the top half are giving all our dc payments to the bottom half, others flat-out tell me to my face that I should be giving more. Regardless, water under the bridge and will be until 2014 or 2015. I was only trying to be accurate and honest in response to the question that you were posing.
My final average earnings when it was frozen was just under 20K per month. With freeze, we went from 60% of final average earnings to 50% FAE. That puts my monthly pension at age 60 at just under 10K per month...if it's not terminated by then that is. If I stay all the way to 60, then about 1500 per month of that pension is available to be had as a lump sum as opposed to monthly payments. I've heard the lump sum for this is about 100K, but I won't know until I retire at 60.
Carl
Hey Carl,
First, thanks for the reply. I do have a question though. You said that your retirement went from 60% FAE to 50% FAE however you reduced your monthly retirement by 50%. In reality, shouldn't it be something more like this:
Assume your FAE is $33,000/mo
Your FAE at 60% would be $19,800/mo
Since it was reduced to 50% FAE shouldn't your pension pay out $16,500/mo?
It was my understanding that we froze the pension at the amount it was at at the time of freezing and therefore, whatever you had earned is what you were to get. I don't remember reading that we not only froze the pension but also cut the value of it by 50%. Is that true?
Thanks,